Shoaibi Group, GGS Enter Seismic Services JV in Saudi Arabia
Al Khobar, Saudi Arabia, Global Geophysical Services, a leading provider of seismic technology, entered into a joint venture with Shoaibi Group, a leading Saudi conglomerate, to establish Global Geophysical Services Arabia Co. Ltd. (GGSA).
Based in Al Khobar, Saudi Arabia (GGSA) will provide Reservoir Grade 3D (RG3D®) seismic acquisition services which enables the processed data gathered to create highly accurate images of the earth’s subsurface. Exploration and production companies in Saudi Arabia would be able to use these images to locate potential oil & gas reserves based upon the geology observed.
Both organisations will actively participate in the management of the joint venture, and the first Chairman appointed for the joint venture company is Khalid Al Shoaibi.
Khalid Al Shoaibi, Group Director of Shoaibi Group, "We are committed to providing significant resources and in-depth local market knowledge to Global Geophysical Services, and I am confident that our joint venture will greatly benefit Saudi Arabia's exploration market."
Richard Degner, President and CEO of Global Geophysical Services Inc., said, "Teaming up with Shoaibi Group is a winning combination. Their excellent reputation and market expertise will expedite our access into the Saudi Arabia market successfully."
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